A water conservancy investment project is characterized by: a complicated inner structure, much factors involved in it, a wide influence range, and profound effect and consequent hard to forecast. Taking the Nierji Hydraulic Project as an illustration, this artical puts forward a relatively perfect synthetic assessment index system of the water conserancy inuestment project, calculates each index weight by using the Delphi method and AHP method, evaluates the project by employing the fuzzy analytic hierarchy integrated assessment methed, and then gets a relatively overall and objective conclusion. 